Essay Sample about Valuable Role of Econometrics
When concerning the development of a hypothesis, testing, and the nature of determining why something is or has developed to the findings that it is, econometrics has helped us find those answers time and time again. Regardless of the topic, or how potentially how unlikely a correlation/ conclusion might be, the economic study process and analysis of statistical data can be a strong indicator of why the data looks the way it does. With this in mind, this analysis of those concepts will involve the scholarly studies of The Impact of Learning Structure on Students' Readiness for Self-Directed Learning by Lynda Dynan & Kenneth Rhee&Tom Cate, Dependency rates and savings rates by Nathaniel H. Leff, and Economics and Crime in the States by Zsolt Becsi. An analysis of their research question, data, method, and overall evaluation will be performed to exemplify the process of econometrics and its application in determining conclusions to economic studies.
The First article is The Impact of Learning Structure on Students' Readiness for Self-Directed Learning by Lynda Dynan & Kenneth Rhee & Tom Cate. In this study, the researchers were hoping to determine if students are more successful patterning their skills after professors in a structured learning setting, or if the practicing of their self-directed skills in an unstructured setting would prove more beneficial. The study included 250 students and encompassed a variety of variables and diversity to ensure that the findings could best encapsulate college students as a whole body. They collected the data in 4 sections of unstructured learning in the fall and 4 sections of structured learning in the spring. As a design method, the research utilized the SDL readiness scale for structured and unstructured learning environments to gauge how successful the students performed statistically. After collecting the data, the study determined that the majority of students were not prepared for independent learning and the structured environment provided a more suitable learning environment based on the SDL data collected.
In the article Dependency rates and savings rates by Nathaniel H. Leff, the research presents the question of if demographic conditions are a major influence on the aggregated savings rates. The study utilized a large population of 74 countries to collect its statistical data. It included variables such as whether the country was developed vs underdeveloped, birth rates, income levels, and government policies to help ensure the data could best holistically encapsulate the data of the demographic. Through the utilization of a variety of economic formulas such as dependency ratios, cross studies between possible determinate variables and aggregated savings datas, and cross studies between the determinant variables and the aggregated saving levels, and saving level ratios. The statistical data was able to be collected in a focus that helped answer the question at hand. In concluding the study, the economic findings backed by a variety of economists found that the demographic conditions were a major determinant of aggregated savings rates. Furthermore, they found that a high dependency ratio, as well as high birth rates, were two of the most major factors in the lack of aggregated savings.
The final article, Economics, and Crime in the States by Zsolt Becsi, collected data in hopes of developing a better understanding of how economics and crime correlate. This is to determine if through the research style of supply and demand, can a correlation of economic and crime data indicate the reasoning of why crime has been tracked the way it has in the United States. The data collected involved pulling state crime and economic data with focuses on stolen property and violent crime subgroups to measure if there is a strong correlation between economics and crime from 1971-1994. The main method used was the ideology of supply and demand and how the data could be processed through this to determine if there was a strong correlation. In concluding the study, they found that there were a variety of factors that affect the crime rate, but not necessarily the same in the different regions. A large indicating factor to the decline in crime was the increased police funding and incarceration rates. They concluded that the economic model used to determine crime rates was not holistically effective as the majority of the data was not significant.
Through analysis of the various projects and studies highlighted in this paper, it is clear that econometrics plays a valuable role in how we determine things in our society. The articles highlighted the process and development of their projects through a normal scientific process. They all stated their research questions clearly, highlighted the data they collected as well as their study methods, and compiled their data into reasonable conclusions. Though some studies did not conclude the way the authors had hoped, econometrics proves that even finding a conclusion that's not what you were expecting doesn't necessarily mean that you didn't learn any valuable information from the study. Through the analysis of these papers, we can determine that econometrics plays not only a valuable role in studying statistics but undoubtedly provides valuable insights regardless of the study's conclusion.
